Killington Resort Village(image courtesy of www.discoverkillington.com)

Prestige Real Estate firmly supports the development of the Killington Resort Village for several reasons:

New construction will raise real estate values and heighten interest in existing properties. Some people have argued that new residential construction (both homes and condominiums) will have a negative effect on Killington real estate.

We believe just the opposite. Having been involved in several new construction projects (Winterberry, The Lodges, Topridge Duplex Homes and The Vistas), we have seen how new construction has had a positive impact on the market value of nearby property.

New construction will bring new buyers to our region. Several buyers with whom we have worked were also considering new construction at other ski resorts. Had we not been able to present to them new projects in Killington we strongly believe they would have bought elsewhere. The new residential units to be built at the “Village” will excite buyers who have complained about the lack of “new product” in Killington.

The Village will bring back skiers who have left for other areas. Skier visits to Killington have declined over the decade from well over a million to just over 600,000. We need to attract new visitors and we need to convince people who have left Killington (for other resorts with a village) to return. Those who worry about traffic on the access road or overly crowded conditions on the mountain forget that we have the capacity for a significantly larger number of visitors than are currently here.

New commercial development will create an incentive for existing businesses to make improvements. New retail/commercial space is of concern to some but we believe that new competition is beneficial to everyone. More traffic coming to the area will benefit existing businesses as well as new businesses. In addition, existing businesses who have become complacent may be forced to update, benefiting all customers and ultimately themselves.

Construction of the Village will bring a substantial number of jobs to Killington. There will be many new jobs for people year round helping to stimulate business during traditionally slow periods.

The EDTC contends that the land is necessary to host events critical to building a vibrant four-season economy for the town.  The conceptual site plan presented at the meeting indicates proposed event areas, parking, trails, and access points.  The land is being offered to the town for $850K.  Costs have been estimated at approximately $700K for site development, not including bathroom facilities. 

The EDTC and Select Board are proposing that the town voters approve a Municipal Bond in the amount of $1.4 million to cover the outstanding costs.  According to the presenters at the meeting, revenues associated with the Options Tax will be sufficient to cover the cost of the bond spread over 20 years.  The vote will be held through Australian ballot at the Killington town meeting to be held the first Tuesday of March, 2010.  Absentee ballots will be available prior to the meeting.

Although attendees at the meeting were generally supportive of bringing new events and business to the town and many attendees seemed supportive of the land purchase, a number of the attendees requested that revenue projections be presented supporting the expenditures.  No revenue models or new visitor projections were developed or presented.

An additional meeting prior to the town meeting in March will be “warned” and held for further comment and discussion.  Watch for future announcements.

There was only one Killington land sale during the entire year compared with five in 2008.

The only bright spot in the whole picture is that the number of Killington home sales and the average sale price of Killington homes rose, but ever so slightly.  For all of the data on Killington real estate sales, read the latest Prestige Real Estate newsletter which provides a review of all of 2009.

Last night’s Planning Commission approval marks a major step forward toward the realization of a new and exciting development in Killington.  Details of the plan will be available within the next few days on the town of Killington’s website.

$95,000 to determine the viability of doing “tented” out door events. Meanwhile the Killington Planning Commission after countless meetings has yet to vote on “The Village”, potentially a half billion dollar investment in Killington’s future.

AMS Planning and Research, a consulting group, has been retained by the Town of Killington to conduct a feasibility study on the economic viability of this project. Phase I findings will be presented to the public on Monday October 19th at 5:30 at the Town Office.

Buyers are looking at a broad range of properties that sometimes have very little in common.  In the past, a buyer would narrow their selection down to a single condo complex or would prioritize some amenity offered.  Today, buyers seem to be willing to “trade-off” location and amenity preference and  buy the property they feel is the greatest value for the price. 

Multiple simultaneous offers are not uncommon.  In most recent cases, the property that is purchased is based on which Seller is willing to take the greatest discounted price. 

For details on year-to-date Killington real estate sales and more information on trends in the Killington real estate market, see the latest Prestige Real Estate quarterly newsletter, currently posted on the Prestige Real Estate of Killington’s website.

The facility proved to be very comfortable and appropriate for the show.  The production will be playing at the Killington Grand Ovations Restaurant nightly except Mondays, September 25th through October 10th.  Tickets are available with a three-course prix-fixe dinner for $49.95 per person or “show only” for $30 per person.  I strongly recommend that you check it out.

Tickets can be reserved by phoning 800-621-6867, online at www.newsinrevue.com, or in person at the Front Desk at the Killington Grand.

The purchase and cost of initial site improvements to the property would be funded by a bond that would be paid through the Economic Development and Tourism Commission (EDTC) which is funded by a local option tax.

Killington, VT registered voters will determine if the town should or should not proceed with this purchase at Town Meeting in March of 2010.